Payment systems are one of basic elements of infrastructure of e-commerce. In the early forties of the 20th century, Western Union has used the first time a commercial intercity microwave transmission system. In October 1871 the company Western Union began to provide money transfer services, drawing on its own extensive telegraph network. In 1988, the company undertook a massive reorganization in response to rapidly changing business conditions. In particular, this need has arisen due to many technological changes that have taken place at that time. Company name was changed from Western Union Telegraph Co. to Western Union Corp.
Western union sending money to Romania
In October 1871 the company Western Union began to provide money transfer services, drawing on its own extensive telegraph network. In 1988, the company undertook a massive reorganization in response to rapidly changing business conditions. In particular, this need has arisen due to many technological changes that have taken place at that time. Company name was changed from Western Union Telegraph Co. to Western Union Corp. In the early forties of the 20th century, Western Union has used the first time a commercial intercity microwave transmission system.
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Transaction with Fexco has allowed Western Union to control directly more than 10 thousand points of service, which belonged to Fexco in 7 European countries (Spain, UK, Sweden, Ireland, Denmark, Norway and Finland). In 1914 Western Union engineers invented the first payment card - a prototype of the modern credit card. In 1860 the U.S. Congress arranged among the telegraph companies a competition to create a national line. The winner was Western Union. 1998 - the number of points of money transfers worldwide reached 50,000. The network of money transfers of Western Union is the world's largest. The Western Union Company is a financial services and communications company based in the United States. Thanks to cooperation with Western Union the Associated Press at the end of the XIX century took almost monopolistic position in the U.S. market news. Western Union has several divisions, with products such as person-to-person money transfer, money orders, business payments and commercial services. Before transition to remittances Western Union company rendered services on sphere of cable communication.